Private sector non-life player ICICI Lombard General Insurance Company on Wednesday (October 16) reported a 2.2% year-on-year (YoY) decline in net profit at ₹577.3 crore for the second quarter that ended September 30, 2023. In the corresponding quarter last year, ICICI Lombard General Insurance posted a net profit of ₹590.5 crore, the company said in a regulatory filing.

The Gross Direct Premium Income (GDPI) of the company was at ₹6,086 crore in Q2 of FY24 as against ₹5,185 crore in Q2 of FY23, a growth of 17.4%. This growth was higher than industry growth of 12.5%.

Profit before tax (PBT) grew by 19.4% to ₹1,284 crore in the first half of FY24 as against ₹1,075 crore in H1 of FY23 whereas PBT grew by 25.3% to ₹764 crore in Q2 of FY24 as against ₹610 crore in Q2 of FY23.

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The combined ratio stood at 103.9% in Q2 of FY24 as against 105.1% in Q2 of FY23. Excluding the impact of CAT losses of ₹48 crore in Q2 of FY24 and ₹28 crore in Q2 of FY23, the combined ratio was 102.8% and 104.3%.

The company's Return on Average Equity (ROAE) was 18.0% in H1 of FY24 compared to 19.9% in H1 of FY23 while ROAE was 21.1% in Q2 of FY24 compared to 24.5% in Q2 of FY23.

The solvency ratio was 2.59x at September 30, 2023, as against 2.53x at June 30, 2023, and higher than the minimum regulatory requirement of 1.50x. The solvency ratio was 2.51x on March 31, 2023.

The board of directors of the company has declared an interim dividend of ₹5 per share for H1 of FY24 as against ₹4.50 for H1 of FY23, the insurance company added.

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The results came after the close of the market hours. Shares of ICICI Lombard General Insurance Company ended at ₹1,357.30, down by ₹2.50, or 0.18 percent on the BSE.